FTI which was founded in 1983 by German businessman Dietmar Gunz initially as a tour operator for the Mediterranean islands of Malta, Gozo and Comino currently sells trips to 80 countries and employs about 3,500 people. The company which posted sales of 2.1 billion Euros last year has its headquarters in Munich with offices in Austria and Switzerland.

The financial details of the deal have not been disclosed yet, but according to the report, Dietmar Gunz, the company’s founder will still own a majority stake in the company.

"We aim for cooperation with an eye to the long run," Sawiris said in a statement.

Sawiris, who is worth $1.3 billion according to FORBES’ latest estimates is the youngest son of the Sawiris family runs Orascom Development Holding (ODH) which develops integrated towns and operates resorts in Egypt and parts of Europe.